Access the full text.
Sign up today, get DeepDyve free for 14 days.
Renato Frey, Andreas Pedroni, R. Mata, J. Rieskamp, R. Hertwig (2017)
Risk preference shares the psychometric structure of major psychological traitsScience Advances, 3
John Campbell, R. Shiller (1986)
The Dividend-Price Ratio and Expectations of Future Dividends and Discount FactorsCorporate Finance: Capital Structure & Payout Policies
D. Fudenberg, D. Levine (2012)
Timing and Self-ControlEconometrica, 80
Claudia Sahm (2007)
How Much Does Risk Tolerance Change?Microeconomics: Decision-Making under Risk & Uncertainty eJournal
Y. Kim, Jungmin Lee (2014)
The long-run impact of a traumatic experience on risk aversionJournal of Economic Behavior and Organization, 108
U. Gneezy, J. Potters (1997)
An experiment on risk taking and evaluation periodsJournal of the European Economic Association
W. Fleeson (2001)
Toward a structure- and process-integrated view of personality: traits as density distribution of states.Journal of personality and social psychology, 80 6
L. Gutman, I. Schoon (2013)
The impact of non-cognitive skills on outcomes for young people. A literature review.
M. Buckert, C. Schwieren, B. Kudielka, C. Fiebach (2014)
Acute stress affects risk taking but not ambiguity aversionFrontiers in Neuroscience, 8
(1974)
Heuristics and Biases
G. Wagner, J. Frick, J. Schupp (2007)
The German Socio-Economic Panel Study (SOEP) - Scope, Evolution and EnhancementsJournal of Contextual Economics – Schmollers Jahrbuch
Access Provided by University Of Pennsylvania at 08/16/12 7:51PM GMTThe Economics and Psychology of Personality Traits
N. Kandasamy, Ben Hardy, Lionel Page, Markus Schaffner, J. Graggaber, A. Powlson, P. Fletcher, M. Gurnell, J. Coates (2014)
Cortisol shifts financial risk preferencesProceedings of the National Academy of Sciences, 111
B. Bernheim, A. Rangel (2008)
Beyond Revealed Preference: Choice Theoretic Foundations for Behavioral Welfare EconomicsNBER Working Paper Series
B. Donkers, B. Melenberg, A. Soest (1999)
Estimating Risk Attitudes using Lotteries: A Large Sample ApproachJournal of Risk and Uncertainty, 22
David Jaeger, Thomas Dohmen, Armin Falk, David Huffman, U. Sunde, Holger Bonin (2007)
Direct Evidence on Risk Attitudes and MigrationThe Review of Economics and Statistics, 92
Y. Hanoch, Joseph Johnson, Andreas Wilke (2006)
Domain Specificity in Experimental Measures and Participant RecruitmentPsychological Science, 17
David Paulsen, M. Platt, S. Huettel, E. Brannon (2011)
Decision-Making Under Risk in Children, Adolescents, and Young AdultsFrontiers in Psychology, 2
(2004)
Social Interaction and StockMarket Participation.
M. Hagger, N. Chatzisarantis, H. Alberts, C. Anggono, C. Batailler, A. Birt, R. Brand, M. Brandt, G. Brewer, S. Bruyneel, D. Calvillo, W. Campbell, P. Cannon, M. Carlucci, N. Carruth, T. Cheung, A. Crowell, D. Ridder, S. Dewitte, M. Elson, J. Evans, B. Fay, B. Fennis, A. Finley, Z. Francis, E. Heise, H. Hoemann, M. Inzlicht, S. Koole, L. Koppel, F. Kroese, F. Lange, K. Lau, B. Lynch, C. Martijn, H. Merckelbach, N. Mills, A. Michirev, A. Miyake, A. Mosser, M. Muise, D. Muller, M. Muzi, D. Nalis, R. Nurwanti, H. Otgaar, M. Philipp, P. Primoceri, K. Rentzsch, L. Ringos, C. Schlinkert, B. Schmeichel, S. Schoch, M. Schrama, A. Schütz, A. Stamos, G. Tinghög, J. Ullrich, M. vanDellen, S. Wimbarti, W. Wolff, C. Yusainy, O. Zerhouni, M. Zwienenberg (2016)
A Multilab Preregistered Replication of the Ego-Depletion EffectPerspectives on Psychological Science, 11
D. Fudenberg, D. Levine (2010)
Risk, Delay, and Convex Self-Control CostsERN: Other Microeconomics: Decision-Making under Risk & Uncertainty (Topic)
Jana Cahlíková, Lubomír Cingl (2017)
Risk preferences under acute stressExperimental Economics, 20
Lisa Anderson, J. Mellor (2008)
Predicting health behaviors with an experimental measure of risk preference.Journal of health economics, 27 5
M. Voors, Eleonora Nillesen, Philip Verwimp, E. Bulte, R. Lensink, D. Soest (2012)
Violent conflict and behavior: A field experiment in BurundiThe American Economic Review, 102
Louis Eeckhoudt, Harris Schlesinger (2005)
Putting Risk in its Proper PlaceMicroeconomic Theory eJournal
Ulrike Malmendier, S. Nagel (2009)
Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking?NBER Working Paper Series
Holger Bonin, Thomas Dohmen, A. Falk, David Huffman, U. Sunde (2006)
Cross-Sectional Earnings Risk and Occupational Sorting: The Role of Risk AttitudesIZA Institute of Labor Economics Discussion Paper Series
Thomas Dohmen, Hartmut Lehmann, Norberto Pignatti (2015)
SOEPpapers on Multidisciplinary Panel Data Research The German Socio-Economic Panel study Time-Varying Individual Risk Attitudes over the Great Recession : A Comparison of Germany and Ukraine
(2002)
Sex Differences and Statistical Stereotyping in Attitudes toward Financial Fisk.
Hrvoje Stoji, M. Anreiter, Jose Martinez (2013)
An Experimental Test of the Dual Self Model
Denis, G. Gert (2015)
Lifecycle patterns in the socioeconomic gradient of risk preferences
(2015)
“ Violence , Psychological Trauma , and Induced Changes in Risk Attitudes in Colombia
Report commissioned by the Legatum Institute
Yating Chuang, L. Schechter (2015)
Stability of Experimental and Survey Measures of Risk, Time, and Social Preferences: A Review and Some New ResultsMicroeconomics: Decision-Making under Risk & Uncertainty eJournal
A. Bucciol, R. Miniaci (2018)
Financial Risk Propensity, Business Cycles and Perceived Risk ExposureERN: Other Microeconomics: Intertemporal Consumer Choice & Savings (Topic)
M. Callen, Mohammad Isaqzadeh, James Long, Charles Sprenger (2014)
Violence and Risk Preference: Experimental Evidence from AfghanistanThe American Economic Review, 104
Thomas Dohmen, A. Falk (2006)
Performance Pay and Multi-Dimensional Sorting: Productivity, Preferences and GenderIZA: General Labor Economics (Topic)
G. Gigerenzer, W. Gaissmaier (2011)
Heuristic decision making.Annual review of psychology, 62
Chihmao Hsieh, Simon Parker, Mirjam Praag (2011)
Risk, balanced skills and entrepreneurshipSmall Business Economics, 48
D. Fudenberg, D. Levine (2004)
A Dual Self Model of Impulse ControlHarvard Economics Department Working Paper Series
Raj Chetty (2015)
Behavioral Economics and Public Policy: A Pragmatic PerspectiveLabor: Public Policy & Regulation eJournal
Holger Gerhardt, G. Biele, H. Heekeren, H. Uhlig (2016)
Cognitive Load Increases Risk Aversion
(2005)
Who is “Behavioral”? Cognitive Ability and Anomalous Preferences
(2014)
Risky Curves: On the Empirical Failure of Expected Utility
Miles Kimball, Claudia Sahm, M. Shapiro (2007)
Imputing Risk Tolerance From Survey ResponsesJournal of the American Statistical Association, 103
T. Deckers, A. Falk, Fabian Kosse, Hannah schildberg-Hörisch (2015)
How Does Socio-Economic Status Shape a Child's Personality?Labor: Demographics & Economics of the Family eJournal
K. Mukherjee (2010)
A dual system model of preferences under risk.Psychological review, 117 1
Robert Barsky, Miles Kimball, F. Juster, M. Shapiro (1995)
Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement SurveyNBER Working Paper Series
D. Fudenberg, D. Levine, Zacharias Maniadis (2012)
An approximate dual-self model and paradoxes of choice under riskJournal of Economic Psychology, 41
Bart Golsteyn, Hannah schildberg-Hörisch (2017)
Challenges in Research on Preferences and Personality Traits: Measurement, Stability, and InferenceMicroeconomics: Intertemporal Consumer Choice & Savings eJournal
Thomas Dohmen, A. Falk, David Huffman, U. Sunde, Jürgen Schupp, G. Wagner (2009)
Individual Risk Attitudes: Measurement, Determinants and Behavioral Consequencesresearch memorandum
D. Ellsberg (1961)
Decision, probability, and utility: Risk, ambiguity, and the Savage axioms
S. Trautmann (2014)
Risk taking under stress: the role(s) of self-selection. A comment on Buckert et al. (2014)Frontiers in Neuroscience, 8
Anika Josef, David Richter, G. Samanez-Larkin, Gert Wagner, Ralph Hertwig, Rui Mata
Soeppapers on Multidisciplinary Panel Data Research Stability and Change in Risk-taking Propensity across the Adult Lifespan
G. Charness, U. Gneezy, Alex Imas (2013)
Experimental methods: Eliciting risk preferencesJournal of Economic Behavior and Organization, 87
I. Levin, J. Weller, A. Pederson, L. Harshman (2007)
Age-related differences in adaptive decision making: Sensitivity to expected value in risky choiceJudgment and Decision Making
Samuel Ferey (2019)
Libertarian PaternalismEncyclopedia of Law and Economics
J. Schreiber (2016)
Foundations Of Statistics
A. Falk, Anke Becker, Thomas Dohmen, B. Enke, David Huffman, U. Sunde (2017)
Global Evidence on Economic PreferencesLabor: Human Capital eJournal
(2007)
The Technology of Skill Formation.
Ted O’Donoghue, M. Rabin (2003)
Studying Optimal Paternalism, Illustrated by a Model of Sin TaxesThe American Economic Review, 93
H. Binswanger (1980)
Attitudes toward risk: Experimental measurement in rural indiaArtefactual Field Experiments
J. Horowitz (1992)
A test of intertemporal consistencyJournal of Economic Behavior and Organization, 17
R. Sugden (2004)
The Opportunity Criterion: Consumer Sovereignty Without the Assumption of Coherent PreferencesThe American Economic Review, 94
D. Kahneman (2007)
Prospect Theory : An Analysis of Decision under Risk Author ( s ) :
(2011)
Working Papers in Economics and Statistics
Mathilde Almlund, A. Duckworth, J. Heckman, Tim Kautz (2011)
Personality Psychology and EconomicsBehavioral & Experimental Economics (Editor's Choice) eJournal
Tim Friehe, Hannah schildberg-Hörisch (2017)
Self-control and crime revisited: Disentangling the effect of self-control on risk taking and antisocial behaviorInternational Review of Law and Economics, 49
I. Levin, S. Hart, J. Weller, L. Harshman (2007)
Stability of choices in a risky decision-making task: a 3-year longitudinal study with children and adultsJournal of Behavioral Decision Making, 20
J. Cochrane (2011)
Presidential Address: Discount RatesJournal of Finance, 66
Anke Becker, T. Deckers, Thomas Dohmen, A. Falk, Fabian Kosse (2012)
The Relationship between Economic Preferences and Psychological Personality MeasuresERN: Behavioral Economics (Topic)
(1981)
Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividends?
B. Bernheim (2008)
Behavioral Welfare EconomicsBehavioral & Experimental Economics eJournal
G. Loewenstein, Ted O’Donoghue (2004)
Animal Spirits: Affective and Deliberative Processes in Economic BehaviorMicroeconomic Theory eJournal
R. Mata, Anika Josef, G. Samanez-Larkin, R. Hertwig (2011)
Age differences in risky choice: a meta‐analysisAnnals of the New York Academy of Sciences, 1235
M. Hagger, Chantelle Wood, Chris Stiff, N. Chatzisarantis (2010)
Ego depletion and the strength model of self-control: a meta-analysis.Psychological bulletin, 136 4
Ferdinand Vieider (2016)
A comment on "Violence and Risk Preference: Experimental Evidence from Afghanistan"
Thomas Dohmen, A. Falk, Bart Golsteyn, David Huffman, U. Sunde (2015)
Risk Attitudes Across the Life CourseMicroeconomics: Decision-Making under Risk & Uncertainty eJournal
Bruno Moreira, Raul Matsushita, Sergio Silva (2010)
Risk-seeking behavior of preschool children in a gambling task
(2002)
(www.interscience.wiley.com) DOI: 10.1002/bdm.414 A Domain-specific Risk-attitude Scale: Measuring Risk Perceptions and Risk Behaviors
B. Roberts (2009)
Back to the Future: Personality and Assessment and Personality Development.Journal of research in personality, 43 2
E. Glaeser (2005)
Paternalism and PsychologyComparative & Global Administrative Law eJournal
Charles Holt, Susan Laury (2002)
Risk Aversion and Incentive EffectsAndrew Young School of Policy Studies Research Paper Series
Ted O’Donoghue, M. Rabin (2006)
Optimal Sin TaxesLevine's Bibliography
Holger Gerhardt, Hannah schildberg-Hörisch, Jana Willrodt (2017)
Does Self-Control Depletion Affect Risk Attitudes?Microeconomics: Decision-Making under Risk & Uncertainty eJournal
Tim Kautz, James Heckman, Ron Diris, B. Weel, L. Borghans (2014)
Fostering and Measuring Skills: Improving Cognitive and Non-Cognitive Skills to Promote Lifetime SuccessNBER Working Paper Series
Sarah Necker, Michael Ziegelmeyer (2013)
Household Risk Taking after the Financial CrisisFEN: Behavioral Finance (Topic)
J. Forgas (1995)
Mood and judgment: the affect infusion model (AIM).Psychological bulletin, 117 1
R. Baumeister, Ellen Bratslavsky, Mark Muraven, D. Tice (1998)
Ego depletion: is the active self a limited resource?Journal of personality and social psychology, 74 5
Evan Carter, M. McCullough (2014)
Publication bias and the limited strength model of self-control: has the evidence for ego depletion been overestimated?Frontiers in Psychology, 5
Alice Isen, R. Patrick (1983)
The effect of positive feelings on risk taking: When the chips are down.Organizational Behavior and Human Performance, 31
A. Bucciol, L. Zarri (2015)
The shadow of the past: Financial risk taking and negative life eventsJournal of Economic Psychology, 48
E. Streller (1962)
[De gustibus (non) est disputandum].Rontgen- und Laboratoriumspraxis, 15
M. Levati, Chiara Nardi, Annalisa Conte (2018)
Risk Preferences and the Role of EmotionsERN: Experimental Individual Decision Making (Topic)
H. Bakhshi (2014)
Wellbeing and PolicyCultural Trends, 23
J. Engelmann, Michel Maréchal (2015)
UvA-DARE ( Digital Academic Repository ) Evidence for Countercyclical Risk Aversion : An Experiment with Financial Professionals
Christopher Dawson, Andrew Henley (2015)
Gender, Risk, and Venture Creation IntentionsJournal of Small Business Management, 53
J. Lönnqvist, M. Verkasalo, G. Walkowitz, P. Wichardt (2010)
Measuring Individual Risk Attitudes in the Lab: Task or Ask? An Empirical ComparisonMicroeconomics: Decision-Making under Risk & Uncertainty eJournal
Carlos Alós-Ferrer, F. Strack (2014)
From dual processes to multiple selves: Implications for economic behaviorJournal of Economic Psychology, 41
P. Gerrans, R. Faff, N. Hartnett (2013)
Individual Financial Risk Tolerance and the Global Financial CrisisManagerial Accounting eJournal
AbstractIt is ultimately an empirical question whether risk preferences are stable over time. The evidence comes from diverse strands of literature, covering the stability of risk preferences in panel data over shorter periods of time, life-cycle dynamics in risk preferences, the possibly long-lasting effects of exogenous shocks on risk preferences as well as temporary variations in risk preferences. Individual risk preferences appear to be persistent and moderately stable over time, but their degree of stability is too low to be reconciled with the assumption of perfect stability in neoclassical economic theory. We offer an alternative conceptual framework for preference stability that builds on research regarding the stability of personality traits in psychology. The definition of stability used in psychology implies high levels of rank-order stability across individuals and not that the individual will maintain the same level of a trait over time. Preference parameters are considered as distributions with a mean that is significantly but less than perfectly stable, plus some systematic variance. This framework accommodates evidence on systematic changes in risk preferences over the life cycle, due to exogenous shocks such as economic crises or natural catastrophes, and due to temporary changes in self-control resources, emotions, or stress. We note that research on the stability of (risk) preferences is conceptually at the heart of microeconomics and systematic changes in risk preferences have vital real-world consequences.
Journal of Economic Perspectives – American Economic Association
Published: May 1, 2018
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.